Commentary Chinese leader Xi Jinping intends to turn China into a leading “cyber superpower.” Although Xi is known for delusions of grandeur, this particular dream is fast becoming a reality. In July of last year, in an effort to strengthen its cybersecurity sector, the Chinese Communist Party (CCP) drafted a three-year action plan. With such a plan, we should expect an…
Can Fintechs Fix Their Identity Blind Spots? 4 Predictions for Fintech Cybersecurity in 2022
2021 has been a banner year for cybersecurity issues for financial technology (fintech) companies as they push the boundaries of innovation. Ransomware incidents are up 64 percent year-over-year while the average mobile bank payment has increased by 82 percent. News headlines warn consumers about mobile payment scams on Venmo and Zelle, where victims are tricked…
SEC Chair Gensler Maps out Potential Overhaul to Agency’s Cyber Rules
January 25, 2022
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Business & Economycybersecurityeconomic policiesNational SecuritySecurities and Exchange CommissionUSUS News
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WASHINGTON—The U.S. securities regulator is considering extending cyber risk management rules to third-party service providers, and beefing up public company disclosures when they experience a breach, the head of the Securities and Exchange Commission (SEC) said on Monday. Gary Gensler, in an address to securities industry professionals, mapped out a sweeping overhaul of SEC cyber…
Biden Energy Officials Grilled on Proposed Pipeline Regulation, Rumored Natural Gas Export Ban
January 21, 2022
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Bill JohnsonBobby RushBusiness & Economycommoditiescongresscybersecurityeconomic policieseconomyfercKeystone XLKeystone XL pipelineLine 5 pipelineLNGMarketsNatural gasNew EnglandPacifiCorppipelinePoliticsUSUS Features
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In a Jan. 19 hearing of the House Energy Subcommittee, representatives questioned two Biden administration appointees on U.S. pipeline infrastructure, energy prices, and a rumored ban on exports of liquefied natural gas (LNG). The hearing was occasioned by Subcommittee Chair Bobby Rush’s (D-Ill.) proposed legislation, H.R. 6084, the “Energy Product Reliability Act.” That measure would…
Cybersecurity Firm 1Password Closes $620 Million Funding Round as Capital Flows Into Sector
Toronto-based 1Password has closed a $620-million Series C funding round that brings the cybersecurity firm’s valuation to $6.8 billion. The new round was led by ICONIQ Growth, with participation from others including Tiger Global, Lightspeed Venture Partners, and Backbone Angels. Accel, which led the company’s Series A and B, also invested in the round. Additionally, there…
The Looming Threat of Chinese Spyware
Commentary One of the great lessons of the past two years has been that the events poised to change our lives often percolate far from public consciousness. Gain-of-function research on coronaviruses interested almost no part of the general public until it was far too late. Critical race theory took over our classrooms long before parents…
Dutch Athletes Warned to Keep Phones and Laptops out of China: Media
January 11, 2022
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Beijing 2022 OlympicsBeijing Winter OlympicsChinacybersecurityespionageEuropeInternationalInternational RelationsSportsWorld
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AMSTERDAM—Dutch athletes competing in next month’s Beijing Winter Olympics will need to leave their phones and laptops at home in an unprecedented move to avoid Chinese espionage, Dutch newspaper De Volkskrant reported on Tuesday. The urgent advice to athletes and supporting staff to not bring any personal devices to China was part of a set…
Chinese Police Put Walmart on Notice Over Violation to China’s Cybersecurity Law
January 9, 2022
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Alibaba CloudAsia & PacificBusiness & EconomyChinaChina Business & EconomyChinese RegimeCompaniescybersecuritytechnologyWalmartWorld
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Walmart has recently struggled in China. After being accused of allegedly halting the sale of products from Xinjiang, the retail giant received a warning issued by Chinese police for alleged breaches of China’s cybersecurity regulations, as the regime tightens its grip on how companies inside its borders process data. According to a report dated Jan. 5 by…
Social Media Deploys Addictive ‘Brain Hijacking’ Methods, May Violate Child Protection Laws: Rex Lee
Social networking companies have allegedly been making products intentionally addictive to maximize customer use and to make more profit. Yet by doing so, these companies may be violating laws on child protection and on customer rights, according to cybersecurity and privacy adviser Rex Lee. Companies are deploying addictive methods of “brain hijacking,” using deceptive terms…
‘The Internet’s on Fire’ as Techs Race to Fix Software Flaw
BOSTON—A critical vulnerability in a widely used software tool—one quickly exploited in the online game Minecraft—is rapidly emerging as a major threat to organizations around the world. “The internet’s on fire right now,” said Adam Meyers, senior vice president of intelligence at the cybersecurity firm Crowdstrike. “People are scrambling to patch,” he said, “and all…
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